ambivalent imbroglio home

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April 17, 2005

Money Milestone

The deadline for financial aid applications at GW is tomorrow and, of course, I'm just getting around to filling everything out. There's a reason I put this off: Filling out all these forms forces me to face the fact that I have sold my soul. Exactly to whom or what I sold my soul, I'm not sure (did I have a meeting a couple of years ago with Satan, or was that just a dream?), but it certainly does not belong to me any longer.

For the record, today I officially owe the government and various banks just over $100,000. Yeah, that's six figures. Quite an achievement, don't you think? About 1/4 of that is not accruing interest at the moment; the rest grows like every day like some mutant spawn. Including that interest and what I will have to borrow in the coming year, the total should approach $150k before all is said and done. Cool.

You know those counters that show the national debt skyrocketing? I think someone needs to devise one of these for students so we can program in our loan amounts and interest rates and watch our debt grow. Yeah. And we can post these things on our blogs and show the world how poor stupid we are.

How much do you owe? Generally when you hear people bragging about money it's because they have some surplus of it, but hey, I'm all about making lemonade here. Shall we start a $100k and more club?

Posted April 17, 2005 10:21 PM | 2L law school

I can (proudly?) say that as of three days ago, when I renewed my loans for next semester, I am a member of the six digit debt club.


As they say, just remind yourself that getting a JD is an investment, like buying a house.

Posted by: tony at April 18, 2005 12:39 AM

There's an outside (and I mean *way* outside) chance that I might be able to come in just under the six-digit club when all is said and done.

Okay, who am I kidding... when I'm finally done, it will *probably* be right about $115k total.


Posted by: Dave! at April 18, 2005 01:12 AM

i'm just waiting until next year's mandatory 3L "loan exit interview". that's when they tell you how long you have to pay it. can't wait.

Posted by: monica at April 18, 2005 01:29 AM

It's 4 AM, and I'm still filling out this bedamned forms. Some of these questions go overboard. I.e. What is the make/model/year of your parents' car? What they don't ask: how big will the cardboard box you inhabit after graduation be?

Posted by: Veronica at April 18, 2005 04:01 AM

I'm at about $95k after my first year. Undergrad loans came to $72k. I'll be at $180k when I get out.

It's like that article in The Onion recently:
"Cost of living outweighs the benefits."

Posted by: mikeb at April 18, 2005 12:23 PM

The combined total of my student loans and the mortgage I'm about to sign off on will just about equal your loan total, ai. I don't think either one of us has a realistic hope of ever paying them off. :)

Posted by: raquel at April 18, 2005 01:32 PM

Between the spouse and I we're well into the six figures...add the mortgage and well...never mind.

Posted by: Beanie at April 18, 2005 04:12 PM

The sage piece of financial advice an NLG member gave me was: make sure you revolt against debtor's prisons.

Posted by: luminous at April 18, 2005 07:20 PM

$83,471.25. Right now. When I graduate, it'll be something closer to $120K. But a much larger portion of my debt is federal -- right now, 64% of it is federal, which means I can consolidate it now (and you should, too!), lock in the 3% interest rate, and extend payment over 25 years.

Posted by: Heidi at April 18, 2005 08:09 PM

My net worth is currently negative $67K. And I'm only a 1L. Ach, this sucks.

Posted by: Avoiding Billable Hours at April 18, 2005 09:18 PM

BTW, Todd, you know I am new to this whole blogging thing, but I have already official lost my cool while posting a comment!

For anyone who is interested in a heated debate"

Comments under "Baby Mama"

Posted by: Veronica at April 18, 2005 09:26 PM

Thanks all for letting me know at least I'm not alone in having mortgaged my soul to the success of my future career. It looks like the $100k club will have plenty of members. We can hold our meetings in cardboard boxes in back alleys behind fancy restaurants where the dumpsters are full of tasy scraps!

Veronica; This blog conversation stuff can get tough really quickly when things turn serious -- especially on a blog that claims its whole point is to be anything but. Still, good for you for fighting the good fight!

Posted by: ambimb at April 21, 2005 12:06 AM

Fathers and sons forever!

Posted by: Polina Viardo at May 1, 2005 02:04 PM

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